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Company News

2006

Interim results for the six months to 30 June 2006

25/07/2006

NEW BUSINESS UP 55% AND OPERATING PROFIT UP 52%

St. James’s Place, the wealth management group, today announces its interim results for the half year to 30 June 2006.

European Embedded Value highlights include:

  • Group operating profit at £80.3 million (2005: £53.0 million) up 52%
  • New business profits of £51.5 million (2005: £28.1 million) up 83%
  • Net asset value per share 196.5 pence (2005: 162.5 pence) up 21% over the twelve months

International Financial Reporting Standards highlights include:

  • Profit before shareholder tax of £43.3 million (2005: £19.2 million) up 126%
  • Net asset value per share 68.1 pence (2005: 54.0 pence) up 26% over the twelve months

Other highlights include:

  • New business at £160.9 million up 55%
  • Funds under management increased to £13.5 billion since the start of the year up 10%
  • Size of Partnership at 1,170 up 2% since the start of the year
  • Interim dividend increased to 1.5 pence per share up 15%

Mike Wilson, Chairman, commented:

“We are delighted with the strength of the financial results in all areas driven by our 55% growth in new business. Particularly pleasing is the growth in investment business, up 57% and pensions up 70%, benefiting from the Pensions A Day changes.

“In the first six months, we have considerably outperformed our new business objective in favourable market conditions. Although our longer term objective of 15 – 20% growth in new business remains, the Board now expects (subject to no unforeseen circumstances) the new business growth for the year to exceed this stated range, despite the 34% growth in the second half of 2005.”

Enquiries:

Mike Wilson, ChairmanTel: 020 7514 1985
Andrew Croft, Group Finance DirectorTel: 020 7514 1985
Nitya Bolam, BrunswickTel: 020 7404 5959

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